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Without a succession plan, a thriving business could fail in an instant.
Succession planning is critical to supporting the effective transition of a business from one owner to the next; whether that transition occurs due to a planned exit by the owner — like the owner’s retirement — or an unexpected or tragic event — like death or disability. Without a plan in place, a thriving business could fail in an instant, jeopardizing the financial futures of all those who rely on the business and its continued success.
Yet up to 60% of business owners do not have any formal succession plan for their business. With 40% of business owners indicating they plan to retire in the next 10 years, there’s a huge planning opportunity for advisors prepared to help.
Below are materials with practical, actionable advice about how to help a business owner implement a succession plan. You’ll find guidance on the key factors of a succession plan’s success, why business owners are sometimes reluctant to plan, and planning techniques that ease these owner concerns.
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